RIO DE JANEIRO, July 27 (Xinhua) — The BRICS group represents not an ideological manifestation, but expresses a new economic reality, Brazilian diplomat Roberto Jaguaribe said here on Friday.
Jaguaribe, who currently serves as Brazil’s ambassador to Germany and previously held the position of ambassador to China, said that the bloc, which groups Brazil, Russia, India, China and South Africa, is a reflection of the rising relevance of its member countries.
“Developing nations grow twice as fast as developed countries, and that tends to demand new forums of representation. Thus, BRICS is not an ideological manifestation — in fact, it tried really hard not to do so — but represents an expression of a new economic reality,” he said.
Jaguaribe made the remarks at a seminar themed “45 years of Brazil-China diplomatic relations: from trade to a global partnership,” organized by the Brazilian Center for International Relations to commemorate the 45 anniversary of China-Brazil diplomatic relations.
Coined by former Goldman Sachs economist Jim O’Neill in 2001, the term “BRIC” referred to Brazil, Russia, India and China, four emerging markets with fast growth and great potential. In 2010, South Africa joined the group, and the acronym was changed to BRICS.
As of 2018, these five countries represent about 23 percent of global gross domestic product (GDP).